The Exec Says Aramco Is Using AI And Big Data To Boost Profits.

(CTN News) – Aramco, the Saudi oil giant, is expanding its big data and artificial intelligence division, which connects its assets to optimize profitability and provide guidance on various decisions, ranging from trading to acquisitions, according to a senior executive who spoke to Reuters.

“We currently have a team of 70 individuals working on this project, and we are actively recruiting more,” stated Yasser Mufti, Executive Vice President for Products and Customers.

The objective is to make investments that accurately reflect the company’s extensive presence and to swiftly adapt to market fluctuations. Additionally, Is conducts thorough evaluations of its assets to enhance returns.

Furthermore, Aramco is actively exploring potential opportunities, such as the recent acquisition of a stake in the retail business Gas & Oil Pakistan, as well as considering investments in refineries across Asia, as mentioned by Mufti.

Aramco is in talks to acquire a stake in Shandong Yulong Petrochemical, following previous investments in Chinese refineries and the purchase of a stake in MidOcean Energy.

Aramco has listed shares of its base oil unit Luberef and plans further share sales. Oliver Wyman suggests that a more advanced commercial model could result in higher earnings.

Aramco aims to achieve earnings on the higher end of the predicted range. Analysts predict a decrease in net profit in 2023 compared to last year.

Aramco emphasizes the importance of sustaining high recurring earnings and believes there is room for improvement in some refineries.

The profit boost will benefit its joint venture partners.

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